Michigan

In a change of course, a Detroit authority will issue new bonds to finance the $34 million cost of adapting the under-construction Little Caesars Arena to house the Detroit Pistons basketball team.

Moody's Investors Service said it has downgraded the city of Wayne, Mich.'s issuer rating to B1 from Ba3 and general obligation limited tax rating to B2 from B1.

The Republican-controlled Michigan House of Representative voted down legislation to roll back the state’s income tax legislation.

Detroit Mayor Mike Duggan says the city is on track to exit state fiscal oversight by 2018 after a third straight year of balancing its books.

The general obligation limited tax bonds of 32 local governments in Michigan were upgraded one notch on the back of a ratings methodology change by Moody’s Investors Service.

A plan to eliminate Michigan’s income tax is headed to the full state House of Representatives for a vote.

Flint and its utility customers are on the verge of losing water credits that offered more than $40 million in payment relief and help in covering city water payments at it recovered from it water contamination crisis.

Issuers in the Midwest sold $87.2 billion of municipal bonds in 2016, a 23.4% year-over-year increase that was the biggest of any region.

Michigan Gov. Rick Snyder presented a fiscal 2018 budget plan to tackle the state’s unfunded retiree obligations and bolster education funding while maintaining growth in the rainy day fund.

Wayne County Executive Warren Evans said he is keeping the county’s options open for a jail site after the backers behind a Major League Soccer expansion bid proposed a site swap.

Michigan Gov. Rick Snyder has formed a task force charged with recommending how to tackle local governments’ unfunded retirement obligations.

Threatened school closures in several Michigan school districts are a credit negative, according to Moody’s Investors Service.

Allen Park, Michigan took its final step toward financial independence on Tuesday, regaining full local control its operations and finances after nearly four years of state oversight.

Wayne County, Mich. said it expects a general fund operating budget surplus of $44 million, news the county hopes will bolster its fiscal position as it advances plans to complete its downtown jail project that will require $200 million of borrowing.

Wayne County, Michigan is taking the next step toward reviving its bond-financed downtown Detroit jail project.

Battle Creek, Michigan’s general obligation bonds and issuer default rating took a one notch downgrade to AA-minus from Fitch Ratings.

A reappraisal of Detroit property taxes means that more than half of homeowners will see a reduction in taxes for the fourth year in a row, which could help the city’s post-bankruptcy economic prospects as more property owners keep current.

Michigan needs to do more to help cities control the costs of infrastructure and healthcare spending, the Michigan Municipal League says in a new report.

Royal Oak, Mich., is awaiting state approval on a $126 million general obligation-backed retirement obligation bond deal that would help the city pay off its legacy retirement obligations.

Michigan's underfunding of its infrastructure could crowd out the state's ability to fund other priorities such as improving pension funding at a time when tax revenues are beginning to slow, according to a Moody's Investors Service.